Bank Account for Delaware company in the cannabis Industry

[GrahamV]

Dear forum users,

we are searching for a bank account for our LLC company that is registered in Delaware, to make it more complex we have a company that is advertising cannabis-related companies like
dispensaries, cannabis tour operators as well other cannabis/CBD-related companies. We do not sell cannabis or CBD-related products only advertise posts and company profiles. Due
to the fact we do business with dispensaries etc. banks and even PayPal is considering us as an "Indirect cannabis business" and do not want to do business with our company.

For example; Mercury bank came back to us with: unable to accept cannabis or CBD-related companies
PayPal: same issue
Stripe: Waiting still for feedback

It's already difficult to find a bank that will allow us to sign up our company remotely, however as we are seen as an indirect cannabis business it's even more difficult and we are getting the feeling that it will be impossible.

We found one bank at the moment called West Town Bank & Trust with a bad review of 2.3 that allows us to open a bank account as well payment gateway with some outrageous prizes:
Bank balance always: $1000
Monthly fee: $160
Setup fee: $200
-----
The payment gateway for our business:
All direct merchant fee: $150 p/month
Setup fee: $49
Monthly fee: $29.95
Transaction fee: $0.10
Processing fee per transaction: 4.99%

Anyone here that has some advice or other banks that we can approach for our business?

Any help/advice would be highly appreciated.

thank you,

 

[VESTANON]

Dear forum users,

we are searching for a bank account for our LLC company that is registered in Delaware, to make it more complex we have a company that is advertising cannabis-related companies like
dispensaries, cannabis tour operators as well other cannabis/CBD-related companies. We do not sell cannabis or CBD-related products only advertise posts and company profiles. Due
to the fact we do business with dispensaries etc. banks and even PayPal is considering us as an "Indirect cannabis business" and do not want to do business with our company.

For example; Mercury bank came back to us with: unable to accept cannabis or CBD-related companies
PayPal: same issue
Stripe: Waiting still for feedback

It's already difficult to find a bank that will allow us to sign up our company remotely, however as we are seen as an indirect cannabis business it's even more difficult and we are getting the feeling that it will be impossible.

We found one bank at the moment called West Town Bank & Trust with a bad review of 2.3 that allows us to open a bank account as well payment gateway with some outrageous prizes:
Bank balance always: $1000
Monthly fee: $160
Setup fee: $200
-----
The payment gateway for our business:
All direct merchant fee: $150 p/month
Setup fee: $49
Monthly fee: $29.95
Transaction fee: $0.10
Processing fee per transaction: 4.99%

Anyone here that has some advice or other banks that we can approach for our business?

Any help/advice would be highly appreciated.

thank you,

Have you looked into getting a correspondence company bank acct?
Due to the nature of your business you would need a setup thats is twofold, front desk operations and back end operations ( the correspondence banking would be the back end)..

 

[GrahamV]

Have you looked into getting a correspondence company bank acct?
Due to the nature of your business you would need a setup thats is twofold, front desk operations and back end operations ( the correspondence banking would be the back end)..

Thanks, Vestanon, not familiar with it; twofold but will definitely check it out it sounds like something that could maybe work for us! Thanks for the advice. Graham

 

[VESTANON]

Thanks, Vestanon, not familiar with it; twofold but will definitely check it out it sounds like something that could maybe work for us! Thanks for the advice. Graham

You welcome buddy... Yes it sure works...do make sure you have it setup right from the word go, and you home and dry Sailing....

---

 

[GrahamV]

You welcome buddy... Yes it sure works...do make sure you have it setup right from the word go, and you home and dry Sailing....

---

Hi Vestanon, sorry but I wanted to reach out to you and ask if you have some articles or something that I can read to understand how this process goes. As mentioned I was not aware of this option you pointed out and I tried to do some research online however was unable to find a good article on this. Any help would be highly appreciated. thank you once again! Graham

 

[VESTANON]

Hi Vestanon, sorry but I wanted to reach out to you and ask if you have some articles or something that I can read to understand how this process goes. As mentioned I was not aware of this option you pointed out and I tried to do some research online however was unable to find a good article on this. Any help would be highly appreciated. thank you once again! Graham

Hey send me a PM..

 

[hdloader11]

If you can personally visit US to open your bank account, you can most likely solve this issue. I know this isn't the best option for some, but it is definitely the most foolproof way to open US bank accounts and get around their insane KYC requirements.

 

[GrahamV]

If you can personally visit US to open your bank account, you can most likely solve this issue. I know this isn't the best option for some, but it is definitely the most foolproof way to open US bank accounts and get around their insane KYC requirements.

Hi hdloader11, I wish I could but due to COVID travelling from Amsterdam is almost too impossible at the moment.

 

[GrahamV]

Hey send me a PM..

PM = Email to [email protected] ?

 

[GrahamV]

I'm facing the same exact issue. I have a weed advertising agency (LLC) in California. Do not own a SSN. Mercury & Stripe rejected the business cause they classified it in the Cannabis industry.
Did you find an alternative to Mercury or something?

Yes, it is crazy and more difficult than anticipated but we are not giving up! We have a few alternatives and found a bank that is based on "high risk" categories but you can imagine their fees are crazy especially for start-up companies. Our current alternative is West Town Bank & Trust . $1000 current balance / $100 p/m deposit account /$200 setup fee / Cash management module $75 p/m

The transaction fees I cannot find but as far as I know, it was high .

We are still having some calls with other banks and payment gateways. Keeping my fingers crossed.

 

[uplana]

Have you guys looked into Mercury bank ? search the forum for more reviews and comments about banks for US companies.

Enter in Google

site:offshorecorptalk.com mercury bank

replace mercury bank with bank delaware

 

[JohnLocke]

If you find a bank that will open an account for your US company as well as the business you are into, please reply here, I'm very excited to learn about such a bank.

 

[GrahamV]

Have you guys looked into Mercury bank ? search the forum for more reviews and comments about banks for US companies.

Enter in Google

site:offshorecorptalk.com mercury bank

replace mercury bank with bank delaware

Mercury denied our application as they do not do business with "indirect cannabis businesses"

We’ve finished reviewing your application. We can’t currently open an account for you as we’re unable to accept cannabis or CBD-related companies.

Best of luck with your company,

Mercury

 

[GrahamV]

If you find a bank that will open an account for your US company as well as the business you are into, please reply here, I'm very excited to learn about such a bank.

West Town Bank & Trust for LLC with non-US owners
Dime Bank for LLC with US owners

for the moment these are the ones.

 

[Fulton Abraham Sanchez]

Corresponding account will be difficult to get as banks offering them are not inclined to take cannabis accounts. There is a bank in Dominica that will take cannabis accounts.

 

[uplana]

Corresponding account will be difficult to get as banks offering them are not inclined to take cannabis accounts. There is a bank in Dominica that will take cannabis accounts.

They will take cannabis business in Dominica, I believe they smoke it all day long

 

[JohnLocke]

I'm curious do you really say that they accept cannabis business activity in Dominica? I would be surprised if that is true.

 

[GrahamV]

I'm curious do you really say that they accept cannabis business activity in Dominica? I would be surprised if that is true.

and then the question; Will they accepts a Delawware LLC to open an account with foreign owners? (non-US cit)